Hiya!
I've just gotten off the phone from speaking to a real estate agent friend of mine (for the 5th time today), and I've got awesome news to share.
I've just bought Property #2
The original plan was always to have ten properties before I'm thirty. I'm twenty-one in about three weeks.
This deal:
Asking price $174,500, which was actually a very fair asking price. That surprised me. A tenant moved in on a six-month lease yesterday, and would have preferred a year but the vendor did not want to limit the buyer pool too much. Rented for $165 per week, and I picked it up for $169,500 = a shade over 5% return.
The negotiations were fun (as they tend to be when both sides have some sort of an idea on how agents work) and have played out since Saturday morning. As it is, I gained some time on settlement and paid only $1,000 deposit before settlement, and she got a bit closer to her ideal price (But I got closer).
For those who don't know, Lilydale is about 35km from the cbd, on the fringe of the outer suburbs. This particular property is in the bowl of a quiet court next to a kindergarden, and around the corner from the primary school. Walking distance to the station and shops, too (provided one isn't carrying anything too heavy, I guess)
Anyway, damn, I'm stoked. Just had to share the news, and thanks to those who have shared their knowledge here to help all of us. Hope everyone else has a top evening too!
James
I've just gotten off the phone from speaking to a real estate agent friend of mine (for the 5th time today), and I've got awesome news to share.
I've just bought Property #2
The original plan was always to have ten properties before I'm thirty. I'm twenty-one in about three weeks.
This deal:
Asking price $174,500, which was actually a very fair asking price. That surprised me. A tenant moved in on a six-month lease yesterday, and would have preferred a year but the vendor did not want to limit the buyer pool too much. Rented for $165 per week, and I picked it up for $169,500 = a shade over 5% return.
The negotiations were fun (as they tend to be when both sides have some sort of an idea on how agents work) and have played out since Saturday morning. As it is, I gained some time on settlement and paid only $1,000 deposit before settlement, and she got a bit closer to her ideal price (But I got closer
). For those who don't know, Lilydale is about 35km from the cbd, on the fringe of the outer suburbs. This particular property is in the bowl of a quiet court next to a kindergarden, and around the corner from the primary school. Walking distance to the station and shops, too (provided one isn't carrying anything too heavy, I guess)
Anyway, damn, I'm stoked. Just had to share the news, and thanks to those who have shared their knowledge here to help all of us. Hope everyone else has a top evening too!
James
